EUR/JPY Remains Bullish, As it Bounces Off MAs
Skerdian Meta • 1 min read
EUR/JPY has been trading on a bullish trend, since it turned higher in the first week of May, following comments about the coronavirus recovery fund from the EU, which reached EUR1.35 billion. Initially, the price climbed 10 cents exactly, for about a month.
We saw a pullback during the first half of June, but the pullback ended and the bullish trend resumed again. Since then, EUR/JPY has climbed more than 7.5 cents. Although, a reistance zone formed in the zone around 126.70-80, which rejected the price twice this month.
During the latest bullish move, moving averages have been doing a great job in providing support for this pair during pullbacks lower. yesterday we saw a bounce off the 50 and 100 SMAs, which have been providing support for this pair previously, so the trend is still bullish.